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We remained neutral for the moment during the previous technical investigation due to the conflicting technical signals, making it clear that the downward trend requires that we witness the breaking of the strong support floor 142.15 to target 141.75 and 141.40 so that the pair succeeds in achieving the required goals, recording its lowest level at 141.17.
On the technical side today, we are leaning towards negativity, relying on the pair’s confirmation in breaking the support floor of 142.15, which has been converted into a resistance level, in addition to the continued formation of simple moving averages as an obstacle to the price.
Therefore, the downward trend is the most preferred during today’s session, targeting 140.70 as the first target, and breaking it will extend the pair’s losses so that the path is directly open towards 140.10.
From above, breaking up and rising again above 142.35 may postpone the downside opportunities but not cancel them, and we may witness attempts to retest 143.40.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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